'The university degree is dead'
The Money Show’s Bruce Whitfield interviewed Dion Chang, founder of Flux Trends.
Chang argued that the university degree is dead.
He gave the following five reasons for saying so:
In terms of scarcity; degrees have become more common, therefore less valuable in economic terms.
Degrees cost more today, but are worth less. The debt repayments versus future income simply don’t add up.
Modern businesses don’t consider degrees essential anymore (last year accountancy firm EY announced in London that it will no longer consider degree or A-level results when assessing potential employees).
The new HR mantra of “hire for attitude and retrain for skills” (this puts into question the link between tertiary education and what the changing job market requires).
The growing divide between “legacy companies” and new, agile “responsive companies”. Legacy HR models tend to value “managers” – people with graduate degrees from prestigious business schools. In a “responsive company” the emphasis on people is all about making and learning. "Makers” are people who have skills - as opposed to credentials. They think by doing: experimenting, testing, and learning.
Listen to the interview below for more detail.